Building Details

Building materials Aluminum Siding, Metal Siding, Steel Frame

Listing Agency: Aycock Realty Group, LLC Show Phone

Listed By: Brian Aycock · License #0502484 Show Phone

Added: May 4, 2023 Changed: Aug 4 Last Checked: Aug 9 at 12:06AM

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MLS# 202304497

Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This warehouse property combines grain-handling infrastructure with enclosed storage and functional support space. The elevator is designed for grain or wheat and has a 5 million pound capability, working scales, and a sampler. A small office/workshop adds practical administrative and maintenance space, while the large barn provides additional storage. The improvements use steel framing with aluminum and metal siding, and paved or surfaced parking is available.

The property encompasses 2.92 acres at 402 Main in Ralls, Texas. Building area is reported at 1000 square feet. The combination of an elevator, storage barn, weighing equipment, and support areas creates a specialized agricultural warehousing configuration.

Key Highlights

• 5 million pound grain or wheat elevator capability
• Working scales and grain sampler included
• Large barn provides additional storage

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$13,681

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

9.12%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$273,620 $273.6K

Cap Rate 7%

$195,443 $195.4K

Cap Rate 9%

$152,011 $152.0K

Market Conditions

NOI Build-Up for 1,000 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$17.4K $17.40/SF

− Vacancy

−$1.3K −$1.31/SF

EGI

$16.1K $16.10/SF

− OpEx

−$2.4K −$2.41/SF

NOI

$13.7K $13.68/SF

Area

Crosby County, TX

Vacancy

7.50%

Lease Rate

$17.40 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$273,620

Cap Rate 7%

$195,443

Cap Rate 9%

$152,011

Alternative Uses

Best Use

Warehouse

$195.4K

$171.0K – $228.0K (±1% cap)

NOI $13,681 @ 7.0% cap · market cap 9.12%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$252.1K

$220.6K – $294.1K (±1% cap)

NOI $17,647 @ 7.0% cap · market cap 11.76%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Warehouses

Suggested Use

Top Pick HVAC Service Plumbing Service Auto Parts Store Storage Facility Kitchen & Bath Showroom Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

115

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 79357, TX

1,972

Population

966

Households

2

Avg Household Size

40

Median Age

14%

College-Educated

78%

High-School Grad

240.9 sq mi

ZIP Area

8

Density / Sq Mi

$56,875

Median Household Income

$30,655

Median Earnings

$773

Median Rent

$69,500

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Steel Box Self Storage — 1302 5th St, Ralls, TX 79357

Frequently Asked Questions

What type of property is this?

Warehouse - Warehouse property with grain-handling equipment, storage space, and an on-site office/workshop.

Where is this warehouse located?

The property is located at 402 Main Ralls, TX.

What is the asking price?

The asking price for this property is $150,000.

What are key features of this property?

This property features: 5 million pound grain or wheat elevator capability; Working scales and grain sampler included; Large barn provides additional storage